On March 3, Shenzhen Kaizhong Precision Technology Co.Ltd(002823) issued the announcement on the termination of non-public offering of shares in 2020. It is understood that in March 2021, the CSRC approved the application for fixed increase of the company’s total fund-raising amount of about 300 million yuan, and the reply is valid for 12 months from the date of approval of the issuance (March 3, 2021).
one year fixed increase “expiration”
“The management also made a positive response and carried out a fixed increase project roadshow. Affected by the capital market environment, the company’s market value performance, financing opportunities and other factors, and considering all aspects, the fixed increase was terminated.” Shenzhen Kaizhong Precision Technology Co.Ltd(002823) the relevant person of the board secretary office said in an interview with the reporter of Securities Daily.
When the reporter asked whether the fixed increase was terminated because no suitable investor could be found, and whether the fixed increase would be restarted at the right time, The above-mentioned person from the board secretary’s office said: “the validity period of the above fixed increase is one year. It is impossible to predict and decide whether to restart the fixed increase in the future. If there is a definite need to apply again. There is no other refinancing plan for the time being, but everything is possible.”
Shenzhen Kaizhong Precision Technology Co.Ltd(002823) is a supplier of precision parts. According to public information, the above 300 million yuan of fixed increase raised funds for “expiration and failure” are mainly invested in two aspects: one is to invest 210 million yuan in the construction project of new energy vehicle parts and components production line; Second, supplement 90 million yuan of working capital.
According to the 2021 performance forecast released by the company on January 18, the net profit attributable to the shareholders of the listed company was 9 million yuan to 13 million yuan, a year-on-year decrease of 89.25% to 84.47%. The company believes that the business of new energy vehicle components and products in the field of communication consumption has grown rapidly, and the commutator business has grown steadily; It will also focus on the three electricity of new energy vehicles, vehicle lightweight and intelligent driving, weak and blank technologies and products in China, and continue to invest in R & D.
Liu Jianhua, associate professor and doctoral supervisor of the Department of finance of Lingnan College of Sun Yat sen University, told reporters that from the statistical results of the fixed growth announcement, most companies launch the fixed growth plan mainly for project financing. Market funds are limited. After the full implementation of the registration system in the future, listed companies should make a more detailed evaluation of the proposed investment projects and do not follow the trend of blind investment in order to improve the success rate of fixed growth; Show the market that there is a certain foundation in the projects to be invested, improve corporate governance, and dispel the market’s concern that major shareholders use the high share price presumed growth plan to encircle money.
“External factors such as the epidemic situation, the uncertainty of the war, the liquidity of the current market and the performance of the secondary market are closely related to the smooth progress of the fixed growth plan, but the internal factors such as the clarity of the investment direction of the raised funds of the fixed growth project and the cost performance of the investment assets cannot be ignored.” Wu Xijun, general manager of Guangzhou Hanma Investment Management Co., Ltd.
termination of fixed increase financing of 29 companies
According to statistics, a total of 29 listed companies terminated fixed increase financing of about 36.5 billion yuan during the year. The purpose of relevant listed companies planning fixed growth plans is mostly to acquire other assets, invest in relevant projects or supplement working capital.
As for the reasons for terminating the fixed increase, most companies said that since the company disclosed the non-public offering plan, it has done a lot of work to promote the issuance. However, in view of the recent changes in the financing environment and capital market environment, the company’s future strategic development plan and other factors have undergone many changes. Considering various factors, the board of directors has carefully studied and demonstrated, Decide to terminate this non-public offering of a shares.
\u3000\u3000 “Since 2022, with the expected decline and weak market confidence, the stock market is indeed depressed, and some sectors have an overall decline. At this time, if we want to implement the original fixed growth plan, it is necessary to pay a higher price, which may lead to changes in corporate governance institutions. Therefore, it is reasonable to give up or suspend the original fixed growth plan, that is, these listed companies The main reasons for the impact of the environment expressed by the company. ” Bai Wenxi, chief economist of IPG China, told reporters.
\u3000\u3000 “The new refinancing regulations in 2020 have lowered the threshold of refinancing. Objectively speaking, the adjustment of these policies will help listed companies use the capital market to support the development of the real economy. However, under the background of helping refinancing, the fixed growth plans of many listed companies are terminated, which may be that potential investors have great concerns about the future prospects of these companies; or Listed companies are worried that the implementation of fixed growth in the decline of share prices and high financing will dilute the controlling rights of major shareholders. Of course, it may also indicate that listed companies themselves are not so in urgent need of capital development projects. ” Liu Jianhua thinks.
“On the premise of compliance, improve the cost performance of the investment object of fixed increase fund-raising, balance the interests of all parties and reasonable pricing, so as to achieve the purposes of increasing liquidity, injecting high-quality assets, introducing strategic investors, extensive expansion or vertical integration of industrial chain, which will help to improve the certainty of fixed increase of listed companies.” Wu Xijun said.
